By M. Shankar and Catarina Saraiva
Dec. 14 (Bloomberg) -- Raw-sugar futures and refined-sugar contracts may gain this week as adverse weather hampers harvesting in Brazil and India, the world’s top producers of the sweetener, according to a survey.
Six out of 10 traders, analysts and brokers surveyed last week forecast that raw sugar traded in New York would rise. Three predicted a drop, and one said it would be little changed. Raw sugar gained 6.6 percent to 24 cents a pound last week.
Six of 10 respondents said white sugar traded in London would gain and two said the price would slump. Two forecast it would be little changed. White, or refined, sugar rose 1.3 percent to $626.10 a metric ton last week.
“The wetness in Brazil has lowered the sugar content in the final stages of this crop year,” Craig Ruffolo, a senior vice president at McKeany-Flavell Co. in Oakland, California, said in an e-mail.
Four of 10 said refined sugar’s premium over raw sweetener would widen, four said it would be little changed and two said the gap would narrow.
Bullish on raw sugar: 6 Bearish: 3 Neutral: 1
Bullish on refined sugar: 6 Bearish: 2 Neutral: 2
Widening refined premium: 4 Narrow: 2 Neutral: 4
To contact the reporters on this story: M. Shankar in London at mshankar@bloomberg.net; Catarina Saraiva in New York at asaraiva5@bloomberg.net.
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